September 20, 2012 12:04pm EDTSeptember 20, 2012 11:44am EDTArkansas coach John L. Smith is drowning in debt. Bankruptcy filings show that the coach is $25.7 million in debt and has assets of just over $1.2 million.

Arkansas coach John L. Smith is more than $25 million in debt, and his assets are just over $1.2 million.

The Associated Press reviewed new documents filed in Smith’s Chapter 7 bankruptcy case. Real estate investments that he made in Kentucky were busts. The largest debt he lists is $20 million owed to a business in Louisville, Ky., called Terra Springs LLC.

The AP says that Smith’s biggest assets are two retirement accounts worth about $600,000 each.

Smith, the former coach at Louisville, has previously said that he made land investments during that period from 1998-2002. When the real estate market went belly up, he and other investors lost money.

Smith accepted a 10-month, $850,000 contract to coach Arkansas—a figure that wouldn’t come close to clearing his debt.

Smith said in July he didn't want his financial woes to impact the school.

"From a personal standpoint, I don't want the university being embarrassed, but I'm not embarrassed," Smith said at the time. "It's something that's happened. I made some mistakes, and to be honest with you, I'm a football coach, not a businessman."